What makes this China share rally really unique

Looking back at 2024, Chinese equities delivered strong returns, outperforming most stock markets outside of the United States. However, it certainly didn't feel that way last year, as Chinese shares were among the most volatile equity markets, exhibiting sharp ebbs and flows.
So far this year, China has been one of the best-performing equity markets and the question on everyone's mind is whether this time it's different. I'm inclined to say yes.
Last year began with a deep correction followed by a strong rally after policymakers stepped in, but that only lasted a few months and had fully reversed by mid-year. Another very strong rally ensued in September, but that also lost some steam soon after. The common denominator behind many of these short-lived rallies in recent years has been that they were mainly driven by hope.
